Condemnation; Casualty. If, before the Closing, Wolf receives notice that either of the Contributed Hotels are to be wholly or partially condemned, or if either of the Contributed Hotels is wholly or partially destroyed by fire or other casualty, or if so much of either of the Contributed Hotels is damaged by fire or other casualty, then, in any such event, Wolf shall notify CNL in writing of any such event (which notice will, to the extent then known, contain the amount of compensation offered for such condemnation or the amount of insurance proceeds offered to be paid on account of such casualty, as the case may be) and CNL shall have the right to (i) terminate this Agreement in its entirety by delivering notice of termination in writing to Wolf on or prior to the Closing Date and upon giving such notice of termination the parties hereto shall be released and discharged from any further obligation to each other hereunder except for those which expressly survive the termination of this Agreement; (ii) terminate this Agreement with respect to the Contributed Hotel which is the subject of the casualty or condemnation event by delivering notice of termination in writing to Wolf on or prior to the Closing Date and upon giving such notice of termination the parties hereto shall be released and discharged from any further obligation to each other hereunder with respect to such Contributed Hotel except for those which expressly survive the termination of this Agreement; or (iii) consummate the transactions contemplated herein on the Closing Date, and the Partnership shall be entitled to all proceeds of fire or other casualty insurance or condemnation (other than proceeds relating to business interruption or loss for periods prior to the Closing Date), CNL shall receive a credit to the Purchase Price for any deductibles with respect to any insurance proceeds in an amount equal to the product of such deductible multiplied by CNL’s percentage interest in the Partnership as of the Closing Date; provided, however, with respect to any casualty occurring after the Initial Anticipated Closing Date, CNL shall not have the right to terminate this Agreement set forth in clause (i) or (ii) of this sentence unless the cost of the restoration as reasonably estimated by CNL exceeds $500,000. Wolf shall have no responsibility for the restoration and repair of the Property.
Condemnation; Casualty. To the Borrower’s knowledge, no Taking has been commenced or is presently contemplated with respect to all or any portion of any Project or for the relocation of roadways providing access to any Project. No Casualty Event of any material nature that has not been substantially repaired has occurred with respect to any Project.
Condemnation; Casualty. No Condemnation shall be pending or threatened with respect to any Property and no casualty shall have occurred with respect to any Property or any portion thereof.
Condemnation; Casualty. If, prior to Closing, any governmental agency or other entity having condemnation authority shall institute an eminent domain proceeding or give any notice of intent to institute such proceeding with regard to any portion of the Seller's Premises, or the Seller’s Premises are damaged by a casualty, and by reason thereof the Subject Floor Area Development Rights are reduced, impaired, or no longer available, then this Agreement shall remain in full force and effect; provided, however, Purchaser shall have the right, exercisable within thirty (30) days after receipt of notice to or from Seller of such taking or casualty, to terminate this Agreement, in which event the Deposit shall be returned to Purchaser promptly. Upon such termination of this Agreement and return of the Deposit to Purchaser, the parties shall have no further obligation or liabilities to each other (other than those that are expressly stated to survive this Agreement). Notwithstanding the foregoing, in the event that Purchaser does not terminate this Agreement, and such taking by condemnation or eminent domain, or casualty, has resulted in a reduction of the Development Rights appurtenant to the Seller’s Premises so that the amount of the Subject Floor Area Development Rights has been thereby reduced, Purchaser shall be entitled to all the remaining Subject Floor Area Development Rights and the Purchase Price shall be reduced on a pro-rata basis. This Section 12 shall be in lieu of the provisions contained in Section 5-1311 of the New York General Obligations Law.
Condemnation; Casualty. There are no condemnation proceedings or the like pending or, to the Borrower’s best knowledge, threatened in writing against the Property or any portion thereof nor has there occurred any casualty at the Property.
Condemnation; Casualty. (a) If all or any material portion of the Property, or any material portion of any land on which off-site access, parking, utility service or stormwater detention is located (and which is required for the use and development of the Property) is taken or condemned by any entity with the power of eminent domain prior to the date of the Closing or if Purchaser receives notice of a proposed taking prior to the date of the Closing, then Purchaser will have the option of either (i) terminating this Agreement by giving written notice to Seller, in which event all Xxxxxxx Money will be immediately refunded to Purchaser and this Agreement and all rights and obligations created under this Agreement will be of no further force or effect, except as expressly provided to the contrary, or (ii) requiring Seller to convey the remaining portion of the Property to Purchaser pursuant to the terms and provisions of this Agreement and to transfer and assign to Purchaser at the Closing all of Seller’s right, title and interest in and to any award made or to be made for the Property. Seller and Purchaser agree that Purchaser will have the right to participate in all negotiations relating to the Property or to the compensation to be paid for any portion or portions of the Property to be condemned.
Condemnation; Casualty. Prior to Closing, Purchaser shall have the right to terminate this Agreement if the Property is materially damaged by fire, flood or if the Property is destroyed without fault of Purchaser or any part of the Property is taken or is threatened to be taken by eminent domain. Purchaser shall give written notice of Purchaser’s election to terminate this Agreement within ten (10) business days after Purchaser receives written notice from Seller or otherwise of any such damage or threatened condemnation. In the event of such a termination by Purchaser, the Title Company or Seller shall immediately refund to Purchaser the Deposit, and any interest accrued thereon, and the rights and obligations of the Parties shall terminate.
Condemnation; Casualty. During the Option Term, notwithstanding any provision of this Agreement to the contrary, if (A) there is damage to or destruction of all or any portion of the Tropicana Hotel/Casino (a "Casualty"), or (B) there is a taking of all or any portion of the Tropicana Hotel/Casino through the power of eminent domain (a "Taking"), then, in either or both of such events, this Agreement shall remain in full force and effect; the Xxxxx Group shall, however, at Closing pay, transfer, convey and assign to Purchaser (x) any and all insurance proceeds resulting from a Casualty theretofore received by the Xxxxx Group together with any and all rights of the Xxxxx Group to receive same, and (y) any and all condemnation awards resulting from a Taking theretofore received by the Xxxxx Group together with any and all rights of the Xxxxx Group to receive same, excepting, however, any and all condemnation awards resulting from the widening of Reno Road, which awards shall be shared equally between Purchaser and the Xxxxx Group if received by the Partnership prior to the Closing Date.
Condemnation; Casualty. 5.1Taking. If prior to the Closing Date, a material portion of the Land or the Improvements are taken by eminent domain or is under notice of an eminent domain proceeding such that the Land or the Improvements would not be usable for its current use (a “Taking”), Seller shall immediately notify Buyer in writing. If a Taking is reasonably estimated by Seller to require expenditure of more than FIVE HUNDRED THOUSAND and 00/100 Dollars ($500,000.00) to restore the Improvements or reconfigure portions of the Land, or is of such character as would entitle the Tenant to terminate its Lease on account of such Taking (a “Material Taking”), Buyer may elect to either terminate this Agreement or to proceed to Closing by written notice to Seller within five (5) Business Days following receipt of Seller’s notice. If Buyer elects to terminate this Agreement, the Xxxxxxx Money shall be returned to Buyer. If there is a Material Taking and Buyer elects to proceed to Closing, or if there is a Taking that is not a Material Taking, then at Closing Seller shall assign to Buyer all of Seller’s rights to any proceeds or award for such taking. Seller agrees not to negotiate, compromise or agree to any settlement of any award or damages arising out of any condemnation of the Property without Buyer’s consent, which consent shall not be unreasonably withheld or delayed.
Condemnation; Casualty. No Condemnation or other proceeding has been commenced or, to either of the Borrowers' best knowledge, is contemplated with respect to all or any portion of any Asset or for the relocation of roadways providing access to any Asset. Except as set forth on Schedule XXIV no Casualty (which has not already been repaired) has occurred at any Asset except for Casualties which would cost less than $100,000 to repair.
